use of blockchain technology other than cryptocurrency

Use Of Blockchain Technology Other Than Cryptocurrency

Use Cases of Blockchain Technology

Blockchain, blockchain, and more blockchain, While reading tech news these days, you’ll notice this word quite often. Most people have no idea what blockchain technology is, but there is a lot of buzz surrounding it.

Blockchain is the digital, distributed, and decentralised ledger that supports most virtual currencies, logging all transactions without the need for a financial intermediary such as a bank. In other words, it is a relatively new method of transmitting funds and logging records.

While the concept works extremely well for Bitcoin and other cryptocurrencies. You’re probably curious about what this possibly game-changing technology can do in practice. Blockchain technology has numerous other useful applications.

 

Beyond cryptocurrencies, the following article will discuss some of the most popular blockchain applications.

Here are the top 5 examples:-

 

The Use of Blockchain in Supply Chain Management

Assume that you have ordered some clothes from an online store. However, when you have received the delivery, you find that the clothes have got some stain or torn. Now, assuming the shop does not offer refunds, there isn’t much you can do, is there?

But what if there was a way to have avoided this whole mess?

supply chain management- fleapo

Such issues can be avoided with blockchain technology, which allows for track and tracing throughout the entire supply chain. Blockchain technology can be used to securely and openly track all types of transactions. When it comes to monitoring supply chains, blockchain is especially useful as they move through a logistics or supply chain network and has several advantages.

First of all because data is available on a secure public ledger, it facilitates communication between partners. Secondly, because the information on the blockchain cannot be altered, it provides greater security and data integrity. 

By eliminating paper-based paths, businesses should be able to quickly identify inefficiencies in their supply chains and locate items in real-time. Furthermore, blockchain would enable businesses, and possibly even consumers, to track how products performed to achieve high performance as they travel from their original location to the retailer. As a result, logistics management partners can collaborate more easily and with full enthusiasm that the data they’re provided is regularly updated.

Blockchain Technology in Cybersecurity

Assume that person X sends $30 to person Y. The payment details are saved in the cloud once the transaction begins from X’s end. Because the data is now available on the server, the hacker may be able to steal the money from the server. Because of its centralised network, the current internet system is vulnerable to hacking, which leads to scams and data leaks.

cyber security - fleapo

Let’s take a look at how the same transaction would be carried out using blockchain.

Again, X is sending 0.0030 bitcoin or BTC (nearly equivalent to $30) to Y. The transaction has now been recorded in a blockchain. Each node has a copy of the ledger (data), and encryption technology protects transactions by making them irreversible.

Now, if a hacker attempted to hack into the blockchain, his efforts would be unsuccessful. Due to the peer-to-peer connections that cannot be altered or messed with, it is simple to prevent fraudulent attacks when using blockchain.

Blockchain in the Financial Services Industry

Financial transactions using blockchain can be less cost-effective and faster than conventional ways. This is especially true for cross-border transactions, which are often time-consuming and pricey. Even in today’s modern financial system in the United States, transferring funds between accounts can take days, whereas a blockchain payment takes minutes. Many companies have emerged up in recent years that provide decentralised cryptocurrency exchanges.

money trading -fleapo

The use of blockchain for exchanges enables quicker and cheaper transactions. Furthermore, because a decentralised exchange does not require stockholders to deposit their funds with centralised authority, they maintain greater control and security. While blockchain-based exchanges primarily transact cryptocurrencies, the concept could also be applied to more traditional investments.

Non-Fungible Tokens

Non-fungible tokens, or NFTs, are popularly described as a way to own digital art rights. Because the blockchain prevents data from existing in two locations at the same time, putting an NFT on the blockchain ensures that only one copy of a piece of digital art exists. This can be compared to investing in physical art but without the limitations of safekeeping.

nft - fleapo

NFTs can be used for a variety of purposes, but at their core, they are a method of transferring the stake of anything that can be represented by data. This could be a house declaration, media rights to a video, or an event ticket. An NFT could be anything that is even remotely surprising.

Blockchain Technology in Voting

Let us now take a look at the current voting process. First, the voter submits their voter ID, which is validated, and then the citizen casts their vote using the centralised Electronic Voting Machine (EVM). However, with a centralised system, hacking the EVM and altering the vote count is simple. However, with the help of a decentralised, blockchain-enabled system, it may be necessary to stop this system’s vulnerabilities and ensure fair elections in the future.

voting - fleapo

If personal information exists on a blockchain, we are only one step away from using blockchain technology to vote. Using blockchain technology ensures that no one votes twice, that only registered voters can vote, and that votes cannot be interfered with.

Furthermore, it has the potential to expand election access by making it as simple as pressing a few buttons on your smartphone. At the same time, the cost of holding an election would be reduced significantly.

Let’s take a look at how the election process works if blockchain was used.

First, the voter acquires a voting app, such as MiVote. The user then enters their voter Registration. The user’s identity is verified, and they are then authorised to vote without revealing their identity in public. Once a vote is added to the blockchain, it can never be deleted. Representatives can count votes with absolute precision because each ID can only be linked with one vote. Furthermore, voters can measure their electoral votes using blockchain.

While it is still in the early stages of development, using blockchain in the voting process has the potential to provide full visibility by simply removing the need for third-party systems.

It combines the comfort of digital voting with the irreversibility of blockchain to ensure that your vote is truly recorded.

Conclusion

However, blockchain technology has other possible applications than just supplying the fuel for Bitcoin. We’ve discussed some of its emerging t applications in finance, business, government, and other industries above.The term blockchain is sometimes used interchangeably with the term cryptocurrency. One of the key reasons why cryptocurrencies are so trendy is due to the features that blockchains provide.